IBH merges its two subsidiaries
International Briquettes Holding (IBH), an affiliate of Venezuelan steel producer Sivensa, announced that it had merged its two subsidiaries, Orinoco Iron and Venprecar. The merged company will be called Venezolana de Prerreducidos Caroni Venprecar. The merger will allow the company to reduce expenses by consolidating its organizational structure and financial commitments. The merged company will have an annual iron briquette capacity of 3.02 million tons, which corresponds to almost 45% Venezuela's entire production. The merger will be effective as of August 27, 2005.